Alberta · Interim receivership
Affidavit of Jasdeep Chohan, sworn March 27, 2025 (Part 2 of 2)
Affidavit · 27 March 2025
AI summary
A plain-English summary drawn only from this filing: what it is, why it matters, and the parties, amounts and dates it turns on.
What we verified from this filing11 verified
- unsecured creditorsnote: No individual creditors named. 2022 comparative $1,050,014. · page: 94 · as of: 2023-09-30 · basis: Notes to financial statements FY ended Sept 30, 2023 (ASPE) · amount: 16010 · debtor: Mahindra Jewellers (AB) Ltd. · creditor: Accounts payable - trade (Mahindra Jewellers (AB) Ltd.) · currency: CAD
- unsecured creditorsnote: Issuer not named. 2022 comparative $43,961. Accounts payable and accrued expenses total $72,119 (2022: $1,103,101). · page: 94 · as of: 2023-09-30 · basis: Notes to financial statements FY ended Sept 30, 2023 (ASPE) · amount: 56109 · debtor: Mahindra Jewellers (AB) Ltd. · creditor: Credit cards payable (Mahindra Jewellers (AB) Ltd.) · currency: CAD
- unsecured creditorsnote: Deemed-trust class if owed to CRA; note says only 'GST Payable'. 2022: nil. · page: 94 · as of: 2023-09-30 · basis: Notes to financial statements FY ended Sept 30, 2023 (basis of preparation: ASPE, first-time adoption); tax authority not named in the note · amount: 183936 · debtor: Mahindra Jewellers (AB) Ltd. · creditor: Taxes payable - GST (Mahindra Jewellers (AB) Ltd.) · currency: CAD
- unsecured creditorsnote: Statutory tax liability; 2022 comparative $188,192. Combined taxes payable $492,616 per note. Interest note also records CRA interest and penalties expense of $44,085 in 2023. · page: 94 · as of: 2023-09-30 · basis: Notes to financial statements FY ended Sept 30, 2023 (ASPE) · amount: 308680 · debtor: Mahindra Jewellers (AB) Ltd. · creditor: Taxes payable - Corporate tax (Mahindra Jewellers (AB) Ltd.) · currency: CAD
- secured creditorsnote: Amount is the drawn balance shown as bank overdraft at Sept 30, 2023 (2022: $265,000), equal to the authorised limit. Notes do not state that the line is secured by a general security agreement over assets; the security described is guarantees. Guarantees on file: Mahindra Investments (AB) Ltd. guarantee limited to $350,000 (executed Sept 22, 2011), $950,000 (executed May 19, 2023) and a further $350,000 (date not legible), each plus interest from demand at RBC prime + 5%, with postponement of claim; personal guarantees by directors' role only. · page: 95 · as of: 2023-09-30 · amount: 900000 · debtor: Mahindra Jewellers (AB) Ltd. · creditor: Royal Bank of Canada (operating line of credit to Mahindra Jewellers (AB) Ltd.) · currency: CAD · security: Operating line of credit, authorised limit $900,000, interest at prime + 1.75%; supported by personal guarantees of directors Pawandeep Dhunna and Sonia Dhunna and corporate guarantees of Mahindra Investment (AB) Ltd. and Surrey Gold Jewellery (AB) Ltd.
- financial positionnote: Total liabilities $646,816 is the sum of current liabilities $104,295 and due to shareholders $542,521 as stated on the balance sheet; document states total assets $862,953 and shareholders' equity $216,137 but labels the combined liabilities-plus-equity line 'Total Liabilities'. Advances to related parties $747,757 make up most of assets. Other data on these pages: Surrey Gold Jewellers (AB) Ltd physical inventory at cost $959,534 as of Feb 29, 2024 (inventory listing, not a balance sheet); Mahindra Jewellers (AB) Ltd. inventory $1,233,608 and due from shareholders $1,517,595 at Sept 30, 2023 per notes. · page: 144 · as at: 2023-09-30 · basis: Compiled balance sheet, unaudited - 'See Compilation Engagement Report' (JK & JF Associates, CPAs, dated April 15, 2024); no audit opinion or review conclusion or assurance · scope: Entity only: Bluewater (786) Contractors Ltd. (Mahindra Jewellers (AB) Ltd. and Mahindra Investments (AB) Ltd. balance sheets are not on these pages) · currency: CAD · total assets: 862953 · total liabilities: 646816
- unsecured creditorsnote: Tax authority not named; 2022: $14,906. · page: 144 · as of: 2023-09-30 · basis: Compiled balance sheet (unaudited, Compilation Engagement Report, no assurance) · amount: 69611 · debtor: Bluewater (786) Contractors Ltd. · creditor: Taxes payable (Bluewater (786) Contractors Ltd.) · currency: CAD
- unsecured creditorsnote: No individual creditors named; 2022: $84,219. · page: 144 · as of: 2023-09-30 · basis: Compiled balance sheet (unaudited, Compilation Engagement Report, no assurance) · amount: 34684 · debtor: Bluewater (786) Contractors Ltd. · creditor: Accounts payable (Bluewater (786) Contractors Ltd.) · currency: CAD
- unsecured creditorsnote: Related party (shareholders); not stated as secured. 2022: $732,042. · page: 144 · as of: 2023-09-30 · basis: Compiled balance sheet (unaudited); classified long term · amount: 542521 · debtor: Bluewater (786) Contractors Ltd. · creditor: Due to shareholders (Bluewater (786) Contractors Ltd.) · currency: CAD
- secured creditorsnote: Amount is the closing principal balance per RBC loan statement for period Dec 31, 2024 - Jan 31, 2025; statement does not reflect accrued but unpaid interest. Same figure was the opening balance at Dec 31, 2024 (no activity in period). Solicitor letter of Mar 25, 2025 requests a payout/discharge statement as property is being sold, so the current payout figure is not stated. · page: 192 · as of: 2025-01-31 · amount: 1264911.64 · debtor: Mahindra Investments (AB) Ltd. · creditor: Royal Bank of Canada (first mortgage, 171/175/179-5120 47 St NE, Calgary; Mortgage Instrument No. 221 109 362; Loan a/c 76969055 015) · currency: CAD · security: First mortgage on Condominium Plan 0010657 Units 15, 16 and 17 (171, 175, 179-5120 47 St NE, Calgary); statement shows fixed rate 8.20%, monthly blended payment $10,262.95
- secured creditorsnote: Amount is the closing principal balance per RBC loan statement for period Dec 31, 2024 - Jan 31, 2025; statement does not reflect accrued but unpaid interest. No activity in period. Solicitor letter of Mar 25, 2025 requests a payout/discharge statement as property is being sold; payout figure not stated. Existence of first to third mortgages on this property is not stated on these pages. · page: 205 · as of: 2025-01-31 · amount: 392214.33 · debtor: Mahindra Investments (AB) Ltd. · creditor: Royal Bank of Canada (fourth mortgage, 4310 104 Avenue NE, Alberta; Mortgage Instrument No. 221 007 136; Loan a/c 76969055 014) · currency: CAD · security: Fourth mortgage on Condominium Plan 2010546 Units 87 and 88 (4310 104 Avenue NE); statement shows fixed rate 8.20%, monthly blended payment $3,215.01